USD Foundation faring well, despite tough times

VERMILLION, S.D. (AP) — Officials say despite tough economic times, the University of South Dakota Foundation has remained strong.

According to a report issued Tuesday, the foundation reported gift income of $12 million and assets of $154 million for the year ending June 30. The endowment totaled $115 million, despite a nearly 13 percent investment loss for the fiscal year.

Officials say new gifts to the endowment helped offset investment losses and distributions from the portfolio used by the university.

The foundation provided $18.9 million to the university in fiscal year 2009. That includes $5.8 million for scholarships.

Over the past 10 years the foundation has provided $80 million to the university for scholarships, buildings, faculty and other support.

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